If a mortgage transaction involves residential property that is new construction, and the mortgage may not close for months,
will this impact when you provide the good faith estimate to the borrower?
At press time, the National Credit Union Administration (NCUA) and all of the federal banking agencies (except the Office of Thrift Supervision) had approved the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) regulations.READ MORE
NCUA adopts a standardized, easy-to-understand privacy notice for consumers. The National Credit Union Administration
(NCUA) along with the other federal regulators issued a model privacy form credit unions may use to comply with the Privacy
Act’s initial and annual privacy notice requirements. NCUA’s regulations apply to all federally...
Bellco CU Wins UBIT Challenge Last month the U.S. District Court in Colorado ruled in favor of Bellco Credit Union, Greenwood Village, Colo., about limits on the Internal Revenue Service’s authority to collect unrelated business income taxes (UBIT) on several products. The court ruled income derived from the sale of credit... READ MORE
You probably don’t think of financial institution regulators as movie stars. Well, they aren’t exactly movie stars, but they are making YouTube videos. Last month the NCUA released a three-part consumer protection update series on its YouTube channel. The NCUA has also released supervisory committee training videos that you may find helpful. The CFPB, not […]
The new loan originator rule prohibits compensation based on a term of the transaction or anything that is a proxy to a term of the transaction. Terms of the transaction includes factors such as the rate or collateral type. Proxies to a term of the transaction are factors that vary consistently over a significant number of […]
In case you missed the big announcement last week…the CFPB has issued the long awaited TILA-RESPA final rule. There will be much more to come in future blog posts about this rule but here are a few highlights so that you can rest easy over the holidays. The final rule combined the early Truth in […]